What would many (or most) say the number one problem is? Financial literacy would have to be up there.

We can’t perfectly predict what the future holds in terms of the economy and job landscape. However, hopefully we can inspire financial literacy for the next generation of adults.

The Question Posed To Our Personal Finance Bloggers

To support this cause I enlisted to help of the personal finance community. I reached out to the smart, hard-working and talented network of content creators from the Rockstar Finance Forums.

I asked 29 different personal finance bloggers the same question.

If you could send a memo to the next generation (ages 14 – 18) about taking control of their money and life. What would it say if that memo could only be 3 sentences long?

3 sentences on money to inspire those coming up in this world.

Here’s what they each had to say on helping the next generation of adults set themselves up for an engaging, meaningful and successful life throughout their financial journey.

To You, The Next Generation…

Take Smart Risks & Explore

The best time to take smart calculated risks is when you’re young and don’t have a lot to lose (like a job, family, house, or other critical dependencies). This means you should try new things, whether it’s for fun or for work, so you really get to learn about yourself, what truly makes you happy, and all that the world has to offer. When you look back into your early years, it should be full of memories you can draw upon for inspiration, energy, and stories.

Willing & Informed Choices, Be Yourself

Make whatever happens in your lives a result of your willing and informed choice, not a byproduct of a lifetime of normalcy; of mediocrity; of nonsense and bullshit. Reject the notion that your jobs define you. Be comfortable and confident in yourself, but understand your weaknesses and be willing to change.

The Power Of Compound Interest

Compound interest is way more powerful than your human brain’s ability to comprehend it. I’m not quite sure how it happened, but by starting investing in my teens, I’ve reached my mid-to-late 20s with a quarter-million dollars. And that quarter-million will soon compound into multi-millions!

Start Now & Build Habits

Life has very little to do with genius or grades but rather the knowledge to take responsibility for your money saving and investing habits. If you want to get ahead in life then you should start saving all your money NOW. I bet you in 5 years whatever is on top of your current Christmas list will not matter then.

Experiences & People

Manage Spending & Develop Skills

Create and follow a budget so you can make sure you’re always spending less than you earn. Start developing skills that are hard for employers to find and provide real value to others. Just because you have money in your pocket – and perhaps can *technically* afford that new car, phone, etc. – doesn’t mean you have to spend it.

Compound & Track

Financial success is difficult, but not at all complicated. The steps to financial success involve two things: understanding having more money in the future is better than having some money today (compound interest), and learning how to track your finances. Put these two mindsets and actions into practice and you’ll be on your way.

Stay True, Enjoy & Commit

Embrace & Enjoy The Change

Be open to the opportunities that come, the challenges and the learning. And allow for change in your life, because things will change a lot, even your passions and dreams may change and that is perfectly ok. You don’t need to know your path today, just prepare for the twists and turns that you will encounter along the way.

Overflow The Pool

You are the CEO of your life – money is the tool you wield for making the decisions that transform your dreams into reality. With that being said, your money can be thought of like those summer days at the pool – each new dollar earned that flows into your bank account fills the pool, while each dollar you spend empties it. Your goal is to overflow the pool by adding more water than you let out!

Complete Control Of Your Life & Dreams, Don’t Be Afraid To Take Risks

You are in complete control of your happiness in life! Learn how to live off less and still maintain a lifestyle that fulfills your dreams. Don’t be afraid to take risks, try different jobs, start your own business when you’re young. #OneLife

Start Small, Learn & Target Future Success

Start investing with every small piece of savings and income you create and don’t be afraid to create something from scratch as it is okay if you fail. Second, use your knowledge of technology to learn something new everyday that will help you discover who you are and what you love to do. Finally, work as hard as possible to find affordable, beneficial education that will position you for best future success.

Understand Debt, Interest & Repayment

When it comes to loans for college or cars, you have to understand the terms of the loan. It’s easy to throw around numbers like $10K or $40K, but what will it take to pay that loan back each month? Be your own best friend by learning and understanding what interest rates mean and how amortization schedules work.

Balance & Flexibility

Life is all about balance and you’ll learn that soon enough, better now than later. Follow your passions but be realistic as they may turn out to be a hobby rather than a career. Money can buy anything but most important is flexibility and saving early is worth more than saving too late so spend money now but don’t forget to save for later when you want the flexibility to pursue those passions and your career is wearing you down.

College Isn’t The Only Solution

Watch Pinocchio to understand how college is currently structured. You see the boys go to Pleasure Island and have fun for awhile, but all that fun has to be paid back when they turn into donkeys. Research ways to make a living without college (in demand trades) or to go to college without debt (scholarships, two year community college, etc.).

Don’t Settle, Push & Pursue

You should never be satisfied with being average… in anything. Believe in yourself, follow your dreams, and aim to be the best you know you can be. Maintain a positive outlook on life and be thankful for everyday blessings.

Look Fear & Failure In The Eyes

Read, Learn & Manage Money

Stop spending so much time watching TV and playing video games. Pick up a book and learn a skill that can make you money. Then invest that money and keep pouring money into your account and stay away from credit cards. Do that and you’ll be in a really good spot while all your friends are drowning in debt.

Make Connections

At your age you should focus on networking. But it seems like many people don’t have a clue what that even means. You need connections everywhere, trust me, you can have the most in-demand service in the world, but it is worthless if you don’t have the network to sell it to. And of course, don’t get fat and don’t start smoking.

Heart Outweighs A Wallet

Don’t think less of yourself, or your family, if your friends have more money than you do. Be proud of who you are and who you can become. Because what’s most important is what lives in someone’s heart, not their wallet.

Learn The Superpower Of Time & Money

Knowing the true value in time of everything you spend money on is a superpower. Whether it’s a small cup of coffee or full college tuition, the ability to look at a purchase and calculate how long that expense will take to work off will lead to informed decisions. The sooner you learn this superpower, the more you’ll be able to reap the rewards from it!

Never Stop Learning & Growing

Be Wary Of Debt

Be careful to never sacrifice your future on the altar of today. In other words, debt is dumb, and saving is smart. Because if you tie up all or most of your income in debt repayments, you’ll be left with nothing to save and nothing for future you.

Keep Your Income Above Expenses, Always

Spend less than you make (i.e. learn to keep a proper budget); it doesn’t get more complicated than that. As long as you keep your income over your expenses, you will NEVER go into debt, and your money will grow every single month. Then, you can invest that excess cash into retirement accounts (Roth IRA, 401k) to become a millionaire by age 65!

Live Your Dream Life

Dear young people, would you rather work until you are 70 or live a life where you can choose how to fill your time doing the things you love? By making smart choices with money today, you can live your dream life later. Your friends are only impressed by your material purchases for one second (if at all), but your lifestyle will be impressive forever.

Warren Buffett Started At 11

If I sent a memo to the next generation of “adults”, I would tell them to think about a company they admire – it could be Google, Apple, Nintendo, Chipotle, whatever company they think highly of. I would tell them one of the wealthiest people in the world, Warren Buffett, bought his first stock at the age of 11 and that if they bought their first stock right now, they would be years ahead of their peers when it comes to understanding how investing works.

Plan For The Future & Don’t Inflate Your Lifestyle

You are not invincible and you therefore need to plan for your future now! If you don’t you will regret it; but you won’t be able to turn back time. When you get your first full-time job, figure out what income you can live on and then stick to it. When you get pay rises, don’t use that money; instead, organise for your pay rises to be automatically transferred to an account you can’t touch easily and save it for your future!

Learn, Live, Hope & Question

In Closing…Financial Advice For The Next Generation

The collection of wise words with actionable advice and real-world relevance from these bloggers could truly shift the financial trajectory of the next generation.

Each in their own way they’re trying to help with the financial illiteracy problem that has plagued so many. The goal should be that the next generation avoids the pitfalls those who came before them were tripped up by.

How can we better connect with these soon-to-be-adults?

What methods can we use to help them be better prepared to take control of their money and life?

Please share this post if you feel the financial advice from our personal finance bloggers can help with the financial literacy movement.

Here are some other posts to help you take control of your money and life:

LOVE these knowledge bombs! So much wisdom packed into this post. Also a note to self (and the next gen), these all apply no matter how old you are so don’t forget ’em. Thanks for including me and great work putting this together Scott!

“Reject the notion that your jobs define you. Be comfortable and confident in yourself, but understand your weaknesses and be willing to change.” That really stuck with me! This post is full of knowledge and wisdom that I’m sure anyone could benefit from.

Great post, full of great nuggets! I’m just a little sad that I only came across the PF / FI / FIRE community in my early-forties and not earlier in life. Couldv’e been so much closer to FI by now if I learned these concepts earlier! But hey, better late than never!

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